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Senators Propose Legislation To Ease Cuban Trade Restrictions

by 5m Editor
15 February 2005, at 12:00am

WASHINGTON, DC – Twenty senators led by Sen. Larry Craig (R-Idaho), introduced legislation (S. 328) on Feb. 9 to ease agricultural trade restrictions on Cuba.

Senators Propose Legislation To Ease Cuban Trade Restrictions - WASHINGTON, DC – Twenty senators led by Sen. Larry Craig (R-Idaho), introduced legislation (S. 328) on Feb. 9 to ease agricultural trade restrictions on Cuba.

This bill will clarify the Congressional intent of the 'Trade Sanctions Reform and Export Enhancement Act of 2000' as it relates to trade with Cuba. Since 2001, U.S. agricultural exports to Cuba have grown to more than $400 million annually. Some of the major exports include feed grains, poultry, and pork products.

This proposed legislation comes after a two-month standoff between several senators and the U.S. Department of Treasury about tightening payment regulations on food sales to Cuba. The bill mandates that Cuban purchasers of U.S. goods must pay cash in advance in order to receive food products and establishes temporary visas for Cuban trade officials.

There are two additional important provisions in the proposal. One would allow payments to be made directly through U.S. banks, rather than through the current expensive system of European banks, and the second would repeal Section 211 of the 1999 omnibus spending bill, which provided that trademarks registered in Cuba were unenforceable.

Source: American Meat Institute (AMI) - 14th February 2005

5m Editor